I want to take a look at cornerstone industrial company General Electric as its shares continue to climb after announcing a new stock buyback program.
The markets caught a much-needed bid Wednesday after two lackluster sessions to start the week.
The move higher is welcome news for GE shareholders who watched the company print a 52-week low on Monday.
GE’s momentum began to turn on Tuesday after it authorized a new $3 billion program to repurchase shares on the open market.
The news helped power a two-day, 9% rally as bullish traders poured back into the stock and options chain. The Blitz Tracker spotted one trader sweeping up more than 2,400 contracts of the March 11, $94 strike calls for more than $207,000 in premium!
Of course, that wasn’t the only order flow hitting the tape…
The markets opened down as inflation set a new 40-year high and another round of talks between Russia and Ukraine ended without progress.
After cooling off a bit, oil prices are on the rise again as Russia and Ukraine failed to make progress on agreements for a ceasefire or safe passage for evacuating civilians.
The Federal Reserve has already said it plans to raise interest rates, although less aggressively than it had planned.
And with February’s consumer price index rising 7.9% over the past 12 months — more than expected and setting yet another 40-year high — rate hikes are likely to come sooner than later.
In this stock market recap video, you'll discover whether volatility is increasing or decreasing… whether investors are piling into puts or calls… which four sectors continue to lead the market... plus my top ETF with option and strike price for a real probability at profits over the next few months.
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